The official said the investment banks managing the deal, in coordination with Banque Misr and the Central Bank of Egypt, agreed to delay the offering by three to four months due to ongoing geopolitical tensions in the Middle East, as well as weaker market activity during the summer period.
This potential purchase is part of Egypt's ongoing efforts to privatize state-owned assets, a program that has faced delays, according to regional media reports.
The ratings agency updated its outlook for the National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to positive
The banking sector led the list of Egypt’s most valuable brands in 2024, holding 4 out of 10 top spots, with the National Bank of Egypt (NBE) maintaining its number one spot on Brand Finance’s latest evaluation
“The large devaluation of the currency and increase in interest rates will likely help Egypt maintain an upsized IMF program, reduce the risk of a renewed build-up of external imbalances, and strengthen the economy's shock resilience"
